Analysis of the Research Method Used by Primark - Coursework Example

 MARKET RESEARCH ON PRIMARK. 1. Market research is the process of collecting, analyzing and interpretation of the product, good or service and includes analysis of the market performance at all times and determine its characteristic, preference and habits in comparison to competitors product. This allows the market operators to determine the performance of the product and assist in the outline of strategies .Primark embraced market research which was aimed at exploring the relevance of market strategies and its effects in the ever dynamic market.

The analysis basically attempts to determine future market strategies and potential expansion areas with the objective to improve the product’s performance in the market, and assist in the decision making which subsequently generates additional revenue and growth to Primark stores. Since it deals in clothing, market research will enable it understand the customers taste, fashion and reference and need to meet the customer and its satisfaction in tandem with the changes in clothing design marketing, and competition.

The process is associated with attaining maximum variance with the competitors and meets customer needs, and sustains a competitive advantage. 2The design of the focus group used by Primark is to target consumers in fashion and meet the real value for money objective through satisfaction of the consumer which is translated to its satisfaction too. This is through production of clothes with simple,bulk buying ,use of local products and reduced spending on advertisement. With the goal of breaking into the American market, it is focused on the opening if other branches across the European country and with an aspiration to offer a variety of choice and taste to young American consumers through a quality, stylish and at a competitive price.

The target being under 35 years provided with a wide choice from men, children, women wear, and home garments. The development of new products to suit this age is in line with bringing a new product to the market and creating awareness on the availability and use of the social media. 3. Research population is a collection of objects or individuals which forms the main focus of the research. Due to a large population, sampling is essential to avoid waste of time and reduce the financial expense.

Use of simple random in sampling is essential as its easier to know the needs and guarantees the individual chance of being represented and selected. This will clearly outline the needs for women, children and men separately and purposeful decision making is hereby facilitated. This method is easy to carry and obtaining information from large and random participants in this case consumers is faster and reliable. Since it’s already at its disposable time and knowledge that women and children contribute to its big turnover in the market, it is a better and efficient strategy to outweigh the competitor.

Due to the nature of the competitive of the market, the sampling will specify problem and weakness in the business and gather information which will be necessary in the analysis of the data. 4. Secondary sources are based on reports that make use of primary report to solve a research problem and help support or argue against a finding. This supports the main report in actual idea finding. Primark has used the secondary sources of information like media and journals to drawing of its strategies and objectives in order to the way the competitors.

Conquering, maintaining and even growth in the market is the main aim of Primark with the outward goal of consumer satisfaction. Primark benefited through the secondary source due to its validity and the reliable nature. Media promotion gave a parameter on its performance in the market and improves its sales and the overall turnover. It was found that women wear took the largest portion of the market compared to menswear. This is due to the general buying behavior with women more than men and this has motivated Primark to more production and improvement in the ladies design.

The need to use both primary and secondary research is based n the availability and the urge of the information. The prevalence to secondary research is due to its cheap nature and the ease to access information .an alternative to this is use of questionnaires since its direct and reliable and can be oral hence accuracy is attained. 5.The decision on the new product development courtesy of the research assist Primark with development of unique products’ that will compete well in the market.

This is to our way the competitors similar product by the need to improve its design, color, size ant other relevant matters.this aid in specialization to Primark and improve the product preference, design and taste .the information from this research wll also enable Primark in production of clothes to suit all seasons, occasions and create confidence in its consumers in relying on its products. Customer feedback will be an important aspect courtesy of the research as it gives Primark an opportunity to learn on the product performance,and view of the consumers .

PART II Question One. The research method used by Primark is aimed at providing the knowledge improve the understanding of the issue.since it relies on random sampling since it involves diverse experience from the audience .this involves asking question and provide an insight into the product details through correlation ,surveying and experimenting on the findings. It will also assist Primark to clearly determine its strength and weaknesses in the market in terms of product delivery and handling customer feedbacks, and opportunities and threats from both the internal and external factors like employees and competitors respectively.

Primark will also use the market research to see the diversity in the market and the formula to conquer to other potential market points. .this was done through, generation of the idea- through market and consumer trends courtesy of the past records of operation, comparison with competitor’s products, trade shows and exhibition. The use of this methodology is therefore not to realizable benefit and need to use qualitative since it describe the human behavior and involves direct and oral interaction.

Though expensive, the outward goal is satisfactory. REFFERENCE. BARNES, L., & LEA-GREENWOOD, G. (2006). Fast fashion. Bradford, England, Emerald Group Publishing.